Record keeping is 'more important than tax issues'

A National Federation of Enterprise Agencies (NFEA) spokesperson today stated that keeping up to date with accountancy jobs outweighs even tax issues for small businesses.

The NFEA warns all small and medium-sized businesses that good book-keeping is essential to maintaining a well-run practice.

Chairman of the NFEA George Derbyshire stated: "Tax is an increasingly complex issue […] but the priority is to keep accurate records, to review them regularly to understand the health of the business and to take appropriate action."

He recommends the use of external accountancy recruitment to achieve this, stating that the use of an accountant can maximise business resources and competitive position and thereby add to profits.

Businesses are currently only subject to an external audit if their turnover exceeds £5.6 million.

A recent report by the Professional Oversight Board concluded that many small and medium-sized business owners are still unaware of the benefits of seeking outside help with finance jobs.